2- to five continents and directly or through affiliates we now find ourselves engaged in the mining of iron ore, uranium, copper, coking coal, and steam coal, in land development, and one of our affiliates operates what is perhaps the largest bulk ocean cargo operation in the world. Our construction business is at an historically high level and made more money last year than any time in the last 67 years. But today our construction business is predominately performed off-shore with foreign construction accounting for some 70% of the backlog. However, this figure tends to be misleading because much of the foreign work we perform results from following the flag overseas, and 80% of our volume last year was actually performed for American companies or financed by United States political agencies. For our company and its affiliates 1966 was a banner year, the best in the history of the company, by any standard of measure. Our profits were up 20% over the record set in the preceding year. Our dividends were increased for the 16th consecutive year and were up 10%, Profits from mining, ocean shipping, and construction were at all-time highs, and only land development fell off from the record set the previous year. We put more business on the books than ever before, and the planned expansion of our operations over the next several years is without precedent in our history. In 1966 Pima completed the expansion of its copper producing facilities from 6, 000 tons daily to 18, 000 tons daily and approved the further